But since both the index and most of the stocks had technical formation that had primed them for a brisk upmove, prices could still spring back, as the strength of the technical position has just undergone, what I call a shock twist.

Volume buying in select scrips show that fund managers are using the occassion to accumulate. Investors should use the down mood to make bargain picks.

The Sensex closed at 3973, after dipping down to a low of 3922. ACC continues to be strong, with volume pick up.

The market slide could not make a dent here. Bajaj Auto is down but hasbounced. With support at Rs 551, it could still come up from Rs 562 level.The only effect the market downturn had on Bhel was that there was a volume pick up here, with a marginal slide in price. BSES took a knock, but with Rs 153 as a support level, it has a good chance to bounce back.

Technically, but for the market shakedown, it was slated to move up to Rs 171 and later to Rs 181. Castrol was a similar case. Technically the scrip was well geared to move up to Rs 451 and Rs 460 in steps, scrip has closed at Rs 428 after dipping to Rs 420. With support at Rs 422, one can go long on this scrip now.

Colgate is likely to maintain its bounce. Glaxo has attracted volume at the lower level. Gujarat Ambuja's slip is a technical surprise. It could move back. HLL's price behaviour suggests that it will attract volume at the current level.

HPCL has gone into the oversold region. ICICI is down, but clearly not out. IDBI is resting on a support level. Short sellers should be cautious.

ITC has a support at Rs1029. It bounced back strongly today. Mahindra and Mahindra has a support at Rs 220; therefore it may find bulls going long here now. Novartis is a clear indication that whenever prices dip there are funds ready to jump at the opportunity. Telco could bounce back.